降准降息落地后，利率中枢下行有望驱动债市继续走强，政金债券ETF（511520）近10日净流入超16亿

Group 1 - The yield curve showed divergence last week, with a notable decline in the short to medium term and a slight increase in the long end [1] - The central bank announced a reserve requirement ratio (RRR) cut and interest rate reduction, leading to a more relaxed liquidity environment that directly benefits the short to medium term [1] - Following the RRR and interest rate cuts, some institutions began to take profits on long-term bonds, compounded by positive developments in US-China trade negotiations and favorable tourism and export data for May Day [1] Group 2 - The central tendency of funding rates is expected to decline, which will continue to support the bond market, with yields likely to experience strong fluctuations at low levels [1] - In the medium term, as the central tendency of funding rates decreases, yields are expected to break through previous lows [1] - The government bond ETF (511520) saw a net inflow of over 1.6 billion in the past 10 days, with a total scale exceeding 46.2 billion, making it the largest bond ETF in the market [1]